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US corn inspected for export up 13.5% on week, 49% on year: USDA

Houston — The amount of US corn inspected for export in the week ended August 23 was at 1.245 million mt, up 13.5% compared with 1.096 million mt inspected in the previous week, data from the Department of Agriculture showed Monday.

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The amount of corn inspected was 49% higher than the 853,796 mt in the year-ago week, according to the USDA's weekly Federal Grain Inspection Service report.

The largest share of US grain exports last week was corn, at 45.7% of the total grains inspected for export. Soybeans were second at 33%, followed by wheat at 17.9%, according to the data.

In the 51 weeks since the current marketing year began on September 1, 2017, the amount of US corn inspected for export has totaled 56.379 million mt, 0.5% higer than the same period the previous marketing year and 92.5% of the USDA's projection of 60.963 million mt for the current marketing year ending August 31.

US export shipments were below the weekly pace needed to reach the USDA's latest estimates for exports this marketing year, according to the data.

The data showed the total amount of US corn that was inspected leaving the US Gulf Coast was 737,819 mt -- 675,069 mt of yellow corn and 62,750 mt of white corn. The top destinations were Japan with 217,304 mt of yellow corn and 4,396 mt of white corn, Peru with 143,877 mt of yellow corn, and Mexico with 102,401 mt of yellow corn and 32,001 mt of white corn.

The amount of US corn inspected leaving the US Pacific Coast was 371,445 mt of yellow corn. The destinations were Japan with 174,031 mt, South Korea with 129,108 mt, and Taiwan with 68,306 mt.

US corn that was inspected leaving the Interior region was 135,866 mt -- 127,484 of yellow corn and 8,382 of white corn. The top destinations were Mexico with 109,514 mt of yellow corn and 8,382 mt of white corn, and Taiwan with 16,183 mt of yellow corn.

US corn inspected for export is corn that has been sold and is inspected during loading at export locations for shipment overseas. Traders consider the pace needed to meet the USDA projection an indicator of demand.

Corn is the primary feedstock for ethanol production in the US and is the main competitor for dried distillers grains.

-- Sergio Alvarado, sergio.alvarado@spglobal.com

-- Edited by Derek Sands, newsdesk@spglobal.com